The oil market bid farewell to $100 prices for West Texas Intermediate crude back in July, and many years may pass before it sees it again. Analysts at UBS on Wednesday said the market has entered a “new paradigm,” with WTI oil prices remaining “lower for longer.” They expect prices to trade in the $65 to $70 a barrel range “at least over the next several years.” “The success of U.S. oil shale has been a game changer for the industry,” the analysts, led by Angie Sedita, said. “U.S. oil shales have lowered the cost of the marginal barrel of oil with roughly 60% of the basins economic at $65/bbl oil or lower.” That ... (full story)